According to the announcement, Evercore Trust Company will focus on providing specialized investment management, independent fiduciary and trustee services to employee benefit plans of large corporations and will commence operations with approximately $12.8 billion in assets under management and administration.
Bank of America’s Special Fiduciary Services team, which will join Evercore Trust Company following the close of the acquisition, has provided independent fiduciary services for more than 20 years. Special Fiduciary Services has served employee benefit plans sponsored by approximately 50% of the companies comprising the Dow Jones Industrial Average and approximately 20% of the corporations in the Fortune 500, according to the announcement.
Evercore Trust Company, with the support of Evercore Partners, will continue to have ongoing discretionary responsibility for qualified and non-qualified employee benefit plans, including services related to:
- employer stock contributed to defined benefit pension plans,
- voluntary employee beneficiary association plans (VEBAs),
- employee stock ownership plans (ESOPs),
- 401(k) plans,
- profit sharing plans, and
- rabbi trusts.
The announcement says that Evercore Trust Company also will continue to “offer significant value-added fiduciary services in a variety of situations where corporate plan sponsors face potential conflicts of interest, while helping ensure compliance with the Employee Retirement Income Security Act of 1974 (ERISA).”
Additionally, Evercore Trust Company will complement and support the activities of Evercore Wealth Management, Evercore’s U.S. high net worth firm. Evercore Trust Company will provide clients of Evercore Wealth Management with private trust services that include executor, trustee and custodial services, according to the announcement.
Evercore Trust Company, following the close of the Special Fiduciary Services acquisition, will be led by President and Chief Executive Officer Charles (Chuck) E. Wert and Chief Fiduciary Officer Norman P. Goldberg. Wert founded Special Fiduciary Services in 1987, and Goldberg joined Special Fiduciary Services in 1993. Jeffrey Maurer, Founding Partner and Chief Executive Officer of Evercore Wealth Management, will serve as Chairman of Evercore Trust Company.
Headquartered in New York with additional offices in Los Angeles and Washington, D.C., Evercore Trust Company will employ 29 people, including relationship managers, plan administrators, financial analysts and in-house legal counsel.
More information is available at http://www.evercore.com .
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